Office

$89.3 Million Maturity-Defaulted Loan

abc 123 Various, Virginia United States
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

I accept the confidentiality agreement
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I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Building Area

Property Description

Jones Lang LaSalle ("JLL") has been retained on an exclusive basis to arrange the sale of a $89.3 million loan (the "Loan"). The interest-only Loan was originated on September 09, 2014, for a five (5) year term with two (2) one-year extension periods. The Loan matured in September 2020, following the Borrower's inability to meet the extension requirements, and is currently in maturity default. The Loan is secured by a first-lien Deed of Trust on a 132,280 SF wholesale Data Center located in Northern VA (the "Collateral") at the heart of the largest Data Center market in the world. Constructed in 2010 on an 8.2-acre site, the property offers a critical I.T. load of 9.0 MW across five (5) data halls and features 2N UPS redundancy. The property is currently 100% leased with 75% of space maturing in January 2021, following the largest tenant's decision to vacate at lease expiration for a build-to-suit. The remaining tenant offers an investment grade (Aa3, A+) credit rating and a lease in-place through March 2025. The Loan presents investors with the opportunity to acquire a maturity defaulted Loan secured by a well located, recently-built asset at the epicenter of a premier Data Center market.

Investment Highlights

  • Northern Virginia Market - With over 114 MW of absorption in the first half of 2020 alone, the market has seen tremendous leasing velocity from cloud disruption as a result of COVID.
  • Maturity Defaulted Loan - The defaulted nature of the Loan allows an investor a number of flexible ways to underwrite the opportunity.
  • Efficient COST OF POWER - The Market offers some of the most efficient electrical costs in the country at a steady $5.2 Cents per KWH (2016-2020).
  • Attractive Physical Asset - Built in 2010, the Collateral has continued to be well maintained by a best-in-class data center operator and requires limited CapEx needs in the near future.
Last Updated Date: 20 Nov 2020
William Sledge
Will Sledge
Senior Managing Director, Capital Markets
Tom Hall
Tom Hall
Managing Director, Capital Markets

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Last Updated Date: 20 Nov 2020

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